Bankrupt Macedonia will try to fund 800m euros through bonds


The Macedonian Government plans to issue a 10 year bond worth 800 million EUR in July. This will be the main mechanism to fund the expected deficit for 2020, caused allegedly by the coronavirus linked economic crisis.

The Government is also seeking 176 million EUR in loans from the IMF and 80 million from the World Bank. A proposal from the leader of the ruling SDSM party Zoran Zaev to reduce the deficit by significantly cutting public sector wages was rejected by the Government.

Ironically, the SDSM led Government has continued to hire 100s of party activists even during the pandemic, despite repeated claims the Government has ran out of money.